KOSPI Poised To Extend Winning Streak

(RTTNews) - The South Korea stock market has moved higher in back-to-back sessions, gathering more than 25 points or 1 percent along the way. The KOSPI now rests just above the 2,790-point plateau and it may tick higher again on Thursday.

The global forecast for the Asian markets is mixed and flat ahead of key economic data in the coming days. The European markets were slightly lower and the U.S. bourses saw mild gains and the Asian markets figure to split the difference.

The KOSPI finished modestly higher on Wednesday following gains from the technology stocks and automobile producers, while the financials came in mixed.

For the day, the index added 17.66 points or 0.64 percent to finish at 2,792.05. Volume was 524.6 million shares worth 11.02 trillion won. There were 510 decliners and 355 gainers.

Among the actives, Shinhan Financial collected 0.42 percent, while KB Financial eased 0.13 percent, Hana Financial dipped 0.17 percent, Samsung Electronics gained 0.62 percent, Samsung SDI gathered 0.14 percent, LG Electronics was up 0.27 percent, SK Hynix skyrocketed 5.33 percent, Naver rallied 1.20 percent, LG Chem rose 0.28 percent, Lotte Chemical improved 0.78 percent, S-Oil fell 0.45 percent, SK Innovation jumped 1.87 percent, POSCO shed 0.68 percent, SK Telecom lost 0.57 percent, KEPCO perked 0.10 percent, Hyundai Mobis increased 0.80 percent, Hyundai Motor improved 0.35 percent and Kia Motors accelerated 1.40 percent.

The lead from Wall Street is cautiously optimistic as the major averages opened lower on Wednesday and spent most of the day hugging the line before a late push nudged them into the green.

The Dow rose 15.64 points or 0.04 percent to finish at 39,127.80, while the NASDAQ gained 87.50 points or 0.49 percent to close at 17,805.16 and the S&P 500 added 8.50 points or 0.16 percent to end at 5,477.90.

The uncertainty on Wall Street came as investors braced for the release of key U.S. inflation data later this week for clues on the outlook for interest rates.

Bank stocks were in focus ahead of the central bank's annual stress test, while shares of energy firms struggled a bit due to sluggish oil prices.

In economic news, the Commerce Department said new home sales in the U.S. saw a substantial decrease in the month of May, while building permits also slumped.

Crude oil futures fell on Wednesday after data showed a notable increase in crude inventories in the U.S. last week but recovered and eventually ended the day's session slightly higher. West Texas Intermediate Crude oil futures for August rose $0.07 at $80.90 a barrel.